The global Magnetoencephalography Market size is expected to reach USD 353.9 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.6% from 2021 to 2028. The growing frequency of new product launches and the rise in the incidence of neurological disorders such as epilepsy and stroke are key factors driving the market. In addition, the growing geriatric population is also expected to drive the growth of the market, since they are more prone to neurodegenerative diseases. According to the World Health Organization, neurological disorders are a leading cause of death, accounting for 12.0% of all deaths worldwide.
Magnetoencephalography (MEG) technologies detect the
weak magnetic fields created in the brain and use them to quantify brain
functionality and map brain activity. In a clinical setting, MEG provides
several inherent applications. Scans can be performed in a safe and silent
atmosphere due to the passive nature of the recordings, which even allows a
patient's companion to be present within the shielded area. According to a
systematic review of the Global Burden of Disease study published in JAMA
Neurology in 2017, non-communicable neurological disorders caused a
considerable and growing burden in the United States, thus, expected to boost
the market growth.
The market's prominent competitors are acquiring
medium and small-sized businesses to expand their product portfolio and enhance
their manufacturing capacity. For instance, in December 2020, the Magnetic
Shields Limited (MSL) of Kent in partnership with the University of Nottingham
has developed Cerca Magnetics Limited, a new spin-out company that will deliver
the world's most advanced functional wearable brain scanner to market. It is
designed to let people move around freely while being scanned.
Related Press Release@ Magnetoencephalography Market Report
Magnetoencephalography
Market Report Highlights
- By application, the clinical segment dominated the MEG market and
accounted for the largest revenue share of over 56.0% in 2020, and is
further expected to continue its dominance throughout the forecast period
- The clinical segment is further sub-segmented into dementia,
autism, schizophrenia, multiple sclerosis, stroke, epilepsy, and others,
in which the epilepsy sub-segment held the largest market share owing to
its increasing prevalence worldwide
- Based on end-use, the hospital segment held the largest revenue
share in 2020, owing to the increasing number of hospitals in developing
countries and growing competition in healthcare service providers
- The imaging center segment is expected to experience the fastest
growth rate during the forecast period due to its convenience, proximity,
lower costs to patients, and presence of insurers
- In Asia Pacific, the market is anticipated to witness the fastest
CAGR of 5.6% over the forecast period due to the presence of untapped
opportunities in the emerging economies of China and India
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